The Demise of Overend Gurney

Total Page:16

File Type:pdf, Size:1020Kb

The Demise of Overend Gurney 94 Quarterly Bulletin 2016 Q2 The demise of Overend Gurney By Rhiannon Sowerbutts of the Financial Stability Strategy and Risk Directorate, Marco Schneebalg of the Major UK Deposit Takers Supervision Directorate and Florence Hubert of the Monetary Analysis Directorate.(1) • 150 years ago, Overend Gurney, the largest discount house in the City of London, suspended payment. The Times immediately christened this date ‘Black Friday’ due to the financial panic that ensued. The failure of Overend Gurney was caused by a change of business model, whereby it entered the lending business but with poor lending practices and insufficient risk management. • The Bank of England, a private bank at the time, refused assistance to Overend Gurney but supported the refinancing of viable banks and brokers by depleting its own reserves. Over a ten-day period, the bill discount rate (the Bank Rate of the time) was increased four times to 10%. Financial stability returned in the following months. • This lending by the Bank of England led to valuable debates around optimal central bank lending and limited liability and inspired Walter Bagehot’s principles for lender of last resort. There are several lessons which remain relevant today. Overview The failure of Overend Gurney — a discount house which On 9 May 1866, Overend Gurney asked the Bank of England had been larger than its three next largest competitors for assistance, which was refused on the basis of the broker’s combined — sent shockwaves through the financial system in insolvency; Overend Gurney suspended payments at May 1866. The seeds of its demise had been sown many 15.30 on 10 May 1866. years earlier. Despite its profitable bill broking business, Overend Gurney had been on the brink of failure for some To mitigate the panic that followed the Bank of England, a time, incurring enormous losses from the bad loans it had private bank at the time, extended the largest market-wide extended with little credit risk assessment. In 1865 in an lending it had ever done and drew heavily on its own attempt to salvage Overend Gurney, its partners had reserves. Bagehot praised the Bank for accepting its lender converted the broker to a limited liability company. But of last resort role, setting an expectation that the Bank ultimately, the combination of more generalised economic would act in the same fashion in similar circumstances instability, some unfortunate rumours and a court case in the future. The best way to carry out central bank which ruled they could not collect from a debtor pushed lending has been the source of academic and policy Overend Gurney into failure. debate ever since. The rise of Overend Gurney The demise of Overend Gurney 1775 1807 1850 1857 1858 1859 1860 1865 9 May 1866 10 May 1866 Creation of Overend Gurney is larger than the Financial panic, allayed after Overend Gurney Conversion Overend Gurney Overend Norwich bank next three biggest bill brokers Bank of England lends to orchestrates a run on of Overend asks the Gurney as part of combined and turns over bills equal bill brokers and the the Bank of England. Gurney from Bank of England suspends Gurney & Co. to half the United Kingdom’s Banking Act is suspended. The run is unsuccessful. unlimited for assistance payments national debt each year. to limited which is refused at 15.30. liability on the grounds Creation of bill broker The Bank of England restricts bill brokers’ Expansion into longer-term company. of insolvency. Overend Gurney. access to its Discount Window Facility. lending with very poor underwriting standards. (1) The authors would like to thank the Bank of England Archive, Ian Bond, Forrest Capie, Andrew Hauser, Sarah John, Matthew Manning, Aniruddha Rajan and Peter Thomas for their help in producing this article. Topical articles The demise of Overend Gurney 95 On 10 May 1866, 150 years ago, Overend Gurney, one of the initial promise. For example, a bill of exchange with a face largest bill brokers in the City of London, failed. The run on value of £10 could be sold for £9.50, meaning a discount rate Northern Rock plc in September 2007 has often been of 5%; this effectively represented the interest rate the third compared to the panic that ensued after the failure of party would receive for taking on the risk that the merchant Overend Gurney. would not repay the debt. The demise of Overend Gurney marks a turning point in Overend Gurney, as a bill broker and discount house, thus Britain’s financial history. In its aftermath, it led to valuable enabled lenders seeking to obtain funds before the due date of debates concerning the Bank of England’s role as the their loans to sell their bills to commercial banks with excess lender of last resort (LOLR) and moral hazard. Lessons from deposits. The box on page 96 gives an account of the market these debates remain relevant today — not least those found for bills, the London Discount Market, and its relationship with in the 1873 treatise by Walter Bagehot (Editor in Chief of the Bank of England, which at this point was a private bank. The Economist at the time) on the principles for LOLR in Lombard Street: a description of the money market. Figure 1 The rise of Overend Gurney 1775 1807 1850 This article looks back at these events. The first section discusses the rise of Overend Gurney and their initial core Creation of Overend Gurney is larger than the business of bill broking. The second section examines its Norwich bank next three biggest bill brokers decline and eventual failure. The third section discusses the as part of combined and turns over bills equal Gurney & Co. to half the United Kingdom’s actions the Bank of England took to help stem the panic national debt each year. caused by Overend Gurney’s failure. Finally, the article Creation of bill broker highlights the debates and lessons that remain important Overend Gurney. today. Under the leadership of Samuel Gurney, Overend Gurney became the largest and most influential of the four major The rise of Overend Gurney discount houses of the middle of the 19th century. Bagehot noted that it ‘stood next to the Bank of England in the In 1775, the Gurney family of Norfolk, prominent merchants in City of London; it was better known abroad than any similar the wool trade, expanded its business to banking in the firm’. By the 1850s, it had accumulated deposits equal to prosperous farming district of East Anglia. The family did so those of its three main competitors combined and its annual by creating what later became ‘Gurney & Co.’, a bank which turnover of bills of exchange was equal in value to about half facilitated investing in London, drawing on their Quaker the United Kingdom’s national debt. reputation to attract the savings of the local gentry and tradesmen. The Gurney family had a reputation for An uneasy relationship between the Bank of England trustworthiness and wealth, both particularly important and the bill brokers prerequisites for running a bank as these were run as unlimited The first half of the 19th century had been plagued with liability partnerships. recurrent panics in the money market (1825, 1837–39, 1847 and 1857) following large credit expansions. To stem the Gurney & Co. successfully grew to become the largest bank in panics, the Bank of England had typically provided liquidity to East Anglia. In 1807, Samuel Gurney (the heir of the original the market but with a delay. The 1844 Bank Charter Act founder of the Gurney & Co. bank) further expanded the limited the number of Bank of England notes in issuance to family business by acquiring and restructuring the London the value of its gold reserves and this needed to be suspended bill broker ‘Richardson, Overend & Company’, and so the to enable the Bank to provide the needed liquidity in the combined company he founded became known as market, unconstrained by the total stock of gold it held. ‘Overend, Gurney & Company’. It was one of the first In the event, the fact that the Bank of England was able to companies to offer, for a brokerage fee, to match buyers and provide liquidity often provided sufficient confidence to sellers of bills of exchange, the major financial instrument of the market. the time. Overend Gurney then quickly became a discount house, as it also started investing in the market for bills on its In 1857, bank failures in the United States caused several own account. failures in the United Kingdom, in what became known as the first worldwide financial crisis. The panic this caused in the Bills of exchange were promises by one party (the borrower) United Kingdom led to a surge of applications for assistance to pay another party (the lender) a specified sum of money from bill brokers to the Bank of England. Overend Gurney was (the ‘face value’ of the bill). The lender could then sell these one of the largest beneficiaries of this assistance, partly by bills to third parties at a ‘discount’ to the face value of the virtue of its size in the market. 96 Quarterly Bulletin 2016 Q2 Bill broking, the discount market and the banks’ bills of exchange. This was in addition to ‘Advances’ Bank of England also provided through the Discount Window (see Figure 4). The discount rate the Bank of England charged on those bills is in some sense similar to the Bank Rate the In the middle of the 19th century, bills of exchange were the Monetary Policy Committee sets today. main financial instrument. They were used to record most business transactions and could be traded.
Recommended publications
  • The Baring Archive Series Hc17 Proposals For
    THE BARING ARCHIVE SERIES HC17 PROPOSALS FOR COMMERCIAL CREDITS AND FOR OTHER BUSINESS House Correspondence – Proposals for Commercial Credits and for Other Business HC17 17.1 1830: Forstalls, New Orleans. See HC5.7.6 17.2 1830: Manning & Marshall, for quick-silver in Mexico 17.3 1831: J Rowlandson, for sugar from Mauritius 17.4 1831: Thomson Bonar & Co, for purchase of iron at St Petersburg. See HC3.3 17.5 1831-35: Moir & Co, Bahia, for sugar from Bahia 17.6 1832: Carr & Co, of Newcastle-on-Tyne, for opening an account in London 17.7 1832: Charles Edmonston & Co, of Paris, for a credit 17.8 1832-33: Notebook, ‘Proposals for Barings’, giving details of various business proposals between 27 Jun 1832 and c1833 Nov, and notes of their acceptance or refusal by Barings 17.9 1832-39: F Manero & Co, of Havana, and Orense & Co, London Agreement on acceptance of bills; setting up of counting house in Liverpool; failure of Manero, 1839 17.10 1832: Messrs Riera, Madrid, about Spanish government bills on Havana See HC4.8.1 17.11 1833: William Wetmore & Co, for credit in Canton and elsewhere 17.12 1833-34: Messrs T Wilson, St Petersburg, for a credit 17.13 1833: J Palmer of Calcutta (Kolkata), an insolvent debtor proposing to act as Barings’ agent in India 17.14 1833: Grant Balfour & Co, Genoa, for the establishment of a National Bank at Genoa 17.15 1833-34: Messrs Todd Naylor, Liverpool, for continuance of their account, due to expire 17.16 1833-36: Mitchell & Co, London, for credit 17.17 1833-34: Gisbourne & Richards, for continuance of their account, due to expire 17.
    [Show full text]
  • Gladstone and the Bank of England: a Study in Mid-Victorian Finance, 1833-1866
    GLADSTONE AND THE BANK OF ENGLAND: A STUDY IN MID-VICTORIAN FINANCE, 1833-1866 Patricia Caernarv en-Smith, B.A. Thesis Prepared for the Degree of MASTER OF ARTS UNIVERSITY OF NORTH TEXAS May 2007 APPROVED: Denis Paz, Major Professor Adrian Lewis, Committee Member and Chair of the Department of History Laura Stern, Committee Member Sandra L. Terrell, Dean of the Robert B. Toulouse School of Graduate Studies Caernarven-Smith, Patricia. Gladstone and the Bank of England: A Study in Mid- Victorian Finance, 1833-1866. Master of Arts (History), May 2007, 378 pp., 11 tables, bibliography, 275 titles. The topic of this thesis is the confrontations between William Gladstone and the Bank of England. These confrontations have remained a mystery to authors who noted them, but have generally been ignored by others. This thesis demonstrates that Gladstone’s measures taken against the Bank were reasonable, intelligent, and important for the development of nineteenth-century British government finance. To accomplish this task, this thesis refutes the opinions of three twentieth-century authors who have claimed that many of Gladstone’s measures, as well as his reading, were irrational, ridiculous, and impolitic. My primary sources include the Gladstone Diaries, with special attention to a little-used source, Volume 14, the indexes to the Diaries. The day-to-day Diaries and the indexes show how much Gladstone read about financial matters, and suggest that his actions were based to a large extent upon his reading. In addition, I have used Hansard’s Parliamentary Debates and nineteenth-century periodicals and books on banking and finance to understand the political and economic debates of the time.
    [Show full text]
  • The Rising Thunder El Nino and Stock Markets
    THE RISING THUNDER EL NINO AND STOCK MARKETS: By Tristan Caswell A Project Presented to The Faculty of Humboldt State University In Partial Fulfillment of the Requirements for the Degree Master of Business Administration Committee Membership Dr. Michelle Lane, Ph.D, Committee Chair Dr. Carol Telesky, Ph.D Committee Member Dr. David Sleeth-Kepler, Ph.D Graduate Coordinator July 2015 Abstract THE RISING THUNDER EL NINO AND STOCK MARKETS: Tristan Caswell Every year, new theories are generated that seek to describe changes in the pricing of equities on the stock market and changes in economic conditions worldwide. There are currently theories that address the market value of stocks in relation to the underlying performance of their financial assets, known as bottom up investing, or value investing. There are also theories that intend to link the performance of stocks to economic factors such as changes in Gross Domestic Product, changes in imports and exports, and changes in Consumer price index as well as other factors, known as top down investing. Much of the current thinking explains much of the current movements in financial markets and economies worldwide but no theory exists that explains all of the movements in financial markets. This paper intends to propose the postulation that some of the unexplained movements in financial markets may be perpetuated by a consistently occurring weather phenomenon, known as El Nino. This paper intends to provide a literature review, documenting currently known trends of the occurrence of El Nino coinciding with the occurrence of a disturbance in the worldwide financial markets and economies, as well as to conduct a statistical analysis to explore whether there are any statistical relationships between the occurrence of El Nino and the occurrence of a disturbance in the worldwide financial markets and economies.
    [Show full text]
  • The London Gazette, December 6, 1881
    . THE LONDON GAZETTE, DECEMBER 6, 1881. 6553 'field Hora, Esq., Arthur Edmund Taylor, Esq., Doulton, Esq., Howard John Kennard, Esq., John Young, Esq., James Ebenezer Saunders, Coleridge John Kennard, Esq., Sir .Nathaniel Esq., John Francis Bontems, Esq., William Brass, Meyer de Rothschild, Bart, and James Anderson Esq., Thomas "White, Esq., Mungo McGeorge, Rose, Esq.; Field Marshal the Right Honour- Esq., Henry William Nind, Esq., George Fisher, able Hugh Henry, Baron Strathnairn, G.C.B. j Esq., George Pepler, Esq., James Bell, Esq., John Rose Holden Rose, Esq., late Lieutenant- James Edmeston, Esq., James Crispe, Esq., Colonel in our Army ; Joseph D'Aguilar Samuda, Thomas Rudkin, Esq., and Henry Lawrence Esq., Charles John Todd, Esq., Joseph Hoare, Hammack, Esq.. Deputies of the city of London, Esq., Charles Kaye Freshfield, Esq., Henry Raye and the Deputies of the said city for the time Freshfield, Esq., Hugh Mackaye Matheson, Esq., being ; James Abbiss, Esq., and Thomas Sidney, Francis Augustus Bevan, Esq., Henry Alers Esq., formerly Aldermen of the city of London ; Hankey, Esq., Frederick Collier, Esq., William Thomas Snelling, Esq., Henry de Jersey, Esq., Vivian, Esq., Robert Malcolm Kerr, Esq., Sir William George Barnes, Esq., William Webster, Thomas James Nelson, Knt., Thomas Gabriel, Esq., John Parker, Esq., Sir John Bennett, Knt., Esq., Henry John Tritton, Esq., Percy Shawe William Hartridge, Esq., and William Jones, Smith, Esq., Alfred James Copeland, Esq., George Esq., formerly Deputies of the city of London; Frederick White, Esq., Samuel Morley, Esq., John Henry Hulse Berens, Esq., Arthur Edward Camp- Alldin Moore, Esq., Charles Booth, Esq., Arthur bell, Esq., Robert Wigram Crawford, Esq., Burnand, Esq., Jeremiah Colman, Esq., Wil- James Pattison Currie, Esq., Benjamin Buck liam Sedgwick Saunders, M.D., William Holme Greene, Esq., Henry Riversdale Grenfell, Esq., Twentyman, Esq., William Collinson, Esq., Henry Hucks Gibbs, Esq., John Saunders George Croshaw, Esq., Sir John Lubbock.
    [Show full text]
  • The Bank of England and the Bank Act of 1844 Laurent Le Maux
    Central banking and finance: the Bank of England and the Bank Act of 1844 Laurent Le Maux To cite this version: Laurent Le Maux. Central banking and finance: the Bank of England and the Bank Act of1844. Revue Economique, Presses de Sciences Po, 2018. hal-02854521 HAL Id: hal-02854521 https://hal.archives-ouvertes.fr/hal-02854521 Submitted on 8 Jun 2020 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. Central banking and finance: the Bank of England and the Bank Act of 1844 Laurent LE MAUX* May 2020 The literature on the Bank of England Charter Act of 1844 commonly adopts the interpretation that it was a crucial step in the construction of central banking in Great Britain and the analytical framework that contrasts rules and discretion. Through examination of the monetary writings of the period and the Bank of England’s interest rate policy, and also through the systematic analysis of the financial aspect of the 1844 Act, the paper shows that such an interpretation remains fragile. Hence the present paper rests on the articulation between monetary history and the history of economic analysis and also on the institutional approach to money and banking so as to assess the consequences of the 1844 Act for the liquidity market and the relations between the central bank and finance.
    [Show full text]
  • History of Financial Turbulence and Crises Prof
    History of Financial Turbulence and Crises Prof. Michalis M. Psalidopoulos Spring term 2011 Course description: The outbreak of the 2008 financial crisis has rekindled academic interest in the history of fi‐ nancial turbulence and crises – their causes and consequences, their interpretations by eco‐ nomic actors and theorists, and the policy responses they stimulated. In this course, we use the analytical tools of economic history, the history of economic policy‐ making and the history of economic thought, to study episodes of financial turbulence and crisis spanning the last three centuries. This broad historical canvas offers such diverse his‐ torical examples as the Dutch tulip mania of the late 17th century, the German hyperinflation of 1923, the Great Crash of 1929, the Mexican Peso crisis of 1994/5 and the most recent sub‐ prime mortgage crisis in the US. The purpose of this historical journey is twofold: On the one hand, we will explore the prin‐ cipal causes of a variety of different manias, panics and crises, as well as their consequences – both national and international. On the other hand, we shall focus on the way economic ac‐ tors, economic theorists and policy‐makers responded to these phenomena. Thus, we will also discuss bailouts, sovereign debt crises and bankruptcies, hyperinflations and global re‐ cessions, including the most recent financial crisis of 2008 and the policy measures used to address it. What is more, emphasis shall be placed on the theoretical framework with which contemporary economists sought to conceptualize each crisis, its interplay with policy‐ making, as well as the possible changes in theoretical perspective that may have been precipi‐ tated by the experience of the crises themselves.
    [Show full text]
  • The Panic of 1893 and the Election of 1896
    U.S. HISTORY LESSON 3.4 The Panic of 1893 and the Election of 1896 reform human capital debt safety net trade-off GDP deficit priorities spending Medicare mandatory budget Social Security revenue health care governance discretionary baby boomers economic growth infrastructure ESSENTIAL DILEMMA Were the contradictory responses political leaders had to the panic of 1893 driven more by economic/political self-interest or by differing visions of what kind of country they wanted the United States to be? INTRODUCTION “Wall Street Topsy-Turvy, The Famous ‘Street’ Passes Another Eventful Black Friday. It is said at the Treasury that the time has passed when the Government can aid Wall Street.” —Arkansas Gazette, May 5, 1893 (McMillan, 2010) In August 1893, President Grover Cleveland called a special session of Congress to deal with the financial panic that had hit the United States. Although historians have since taken a more complex view of the causes of the panic, in his message to the special session, Cleveland looked back 3 years to the previous administration, and named the Sherman Silver Purchase Act as the cause of the panic: Our unfortunate plight is . principally chargeable to Congressional legislation touching the purchase and coinage of silver by the General Government. This legislation is embodied in a statute passed on the 14th day of July, 1890, which was the culmination of much agitation on the subject involved, and which may be considered a truce, after a long struggle, between the advocates of free silver coinage and those intending to be more conservative. (Cleveland, 1893) President Cleveland oversaw the repeal of the Sherman Silver Purchase Act before the year’s end and, perhaps by coincidence, the panic only intensified.
    [Show full text]
  • Financial Panics and Scandals
    Wintonbury Risk Management Investment Strategy Discussions www.wintonbury.com Financial Panics, Scandals and Failures And Major Events 1. 1343: the Peruzzi Bank of Florence fails after Edward III of England defaults. 2. 1621-1622: Ferdinand II of the Holy Roman Empire debases coinage during the Thirty Years War 3. 1634-1637: Tulip bulb bubble and crash in Holland 4. 1711-1720: South Sea Bubble 5. 1716-1720: Mississippi Bubble, John Law 6. 1754-1763: French & Indian War (European Seven Years War) 7. 1763: North Europe Panic after the Seven Years War 8. 1764: British Currency Act of 1764 9. 1765-1769: Post war depression, with farm and business foreclosures in the colonies 10. 1775-1783: Revolutionary War 11. 1785-1787: Post Revolutionary War Depression, Shays Rebellion over farm foreclosures. 12. Bank of the United States, 1791-1811, Alexander Hamilton 13. 1792: William Duer Panic in New York 14. 1794: Whiskey Rebellion in Western Pennsylvania (Gallatin mediates) 15. British currency crisis of 1797, suspension of gold payments 16. 1808: Napoleon Overthrows Spanish Monarchy; Shipping Marques 17. 1813: Danish State Default 18. 1813: Suffolk Banking System established in Boston and eventually all of New England to clear bank notes for members at par. 19. Second Bank of the United States, 1816-1836, Nicholas Biddle 20. Panic of 1819, Agricultural Prices, Bank Currency, and Western Lands 21. 1821: British restoration of gold payments 22. Republic of Poyais fraud, London & Paris, 1820-1826, Gregor MacGregor. 23. British Banking Crisis, 1825-1826, failed Latin American investments, etc., six London banks including Henry Thornton’s Bank and sixty country banks failed.
    [Show full text]
  • Whitehall, April^8-, 1842;
    Hicks, Walter Anderson Peacock, Robert West- Venables, Josia.h, Wilson, Alfred Wils.cm, . wood, Thomas Quested Finqis, James, Ranishaw, Lea Wilson, Edward Lawford, Peter Laurie, Edward William Stevens, John Atkinson, James Southby Wilson, Richard Lea Wilson, Robert Ellis, William Bridge, John Brown, Edward Godson, Thomas Peters, James Walkinshaw, Joseph Somes, jun., Pewtress, Joshua Thomas Bedford, Henry John Samuel Gregson, William Hughes Hughes, jun., Eltnes, John William tipss, William Muddel), Henry Alexander Rogers, George Magnay, John Master- Prichard, Benjamin Stubbing, Henry Smith, man, jun., Daniel Mildred, Frederick Mildred, John. • Thomas Watkins, and George Wright, Esqi's., Meek Britten, Richard Lambert Jones, David Wij- Deputies of • the city of London, and the liams Wire, Charles Pearson, Thomas Saunder?, and. Deputies thereof for the time being ; John Garratt, James Cosmo Melville, Esqrs. Edward Tickner, Robert Williams, James Brogden, and Stephen Edward Thornton, Esqis., Sir Thomas Neave, Bart., Jeremiah Olive, Jeremiah Harman, ' Isaac Solly, Andrew Loughnan, Abel Chapman, Whitehall, April 25, 1842. Cornelius Buller, Wilj'mm Ward, and Melvil Wilson, . Esqrs,, Sir John Henry Felly, Bart., William Cotton, .The Queen has been graciously pleased, 'np'-n Robert Barclay, Edward Henry Chapman, Henry the nomination of his Grace the Duke of NorioJk, Davidson, Charles Pasr.oe Grenfell, Abel Lewes Earl Marshaland Hereditary Marshal of England,. Gower, Thomson Hankey, junr., John Oliver to appoint Edward Howard Gibbon, Esq. Moworay. Hanson, John Benjamin Heath, Kirkman Daniel Herald of Arms Extraordinary. • Hodgson, Charles Frederick Hiith, Alfred Latham, James Malcolmson, • Jauies Morris, Sheffield .Neave, George Warde. Norman, John .Horsley Palmer, James Pattison, • Christopher Pearse, Henry James Foreign-Office, May, 2, 1842: , Prescdtt, and Charles Pole, Esqrs., Sir John Rae Read, Bart., William R.
    [Show full text]
  • Edmund Gurney, of Norwich
    Price per number 2/- (50 cents); 5/- ($1.25) for the year, payable in advance THE JOURNAL OF THE FRIENDS HISTORICAL SOCIETY VOLUME SEVENTEEN NUMBER THREE, 1920 London THE SWARTHMORE L*T TFfc1 LJ. COMMERCE HOUSE, 72, OXFORD STREET, W.i American Agents FRIENDS' BOOK & TRACT COMMITT 144 East 20th Street, New York, N.Y. GRACE W. BLAIR, Media, Pa, CONTENTS. Our Quotation— VI . 65 The Remarkable Religious Experience of Edmund Gurney, of Norwich. By Joseph J. Green •. 65 Elizabeth Fry's last Yearly Meeting 72 History of the Reference Library 72 The Convincement of R emington Hobbie 73 A Quaker Bible, and some of its Associations 75 "The Household Account Book of Sarah Fell, of Swarthmoor Hall" 76 Lord North and the Quaker 77 Quakers in Cambridgeshire, 1685 80 Crossing the Atlantic 81 London Yearly Meeting, 1836 .. 82 Rochester School 90 The J. J. Green Collection 94 Friends and Current Literature 95 Notes and Queries :— Royalty at Devonshire House—" Mushroomes of Christianity "—Arrow, Co. Warwick—Robert Proud's History of Pennsylvania—Conventicle Act, 1664—A Quaker and William Pitt the Elder—" Quaker Guns"—George Fox Monu­ ment—Benjamin Furly and his Wycliffe Bible —Register of Meeting Events—Preaching to Nobody—Conscientious Objectors in Prussia— Lindley Murray Hoag—John Thomas, of Bristol—Benjamin Rotch—Isaac Hammer 99 The Bible in Meeting 104 Vol. XVII. No. 3 1920 THE JOURNAL OF THE FRIENDS HISTORICAL SOCIETY Editor: NORMAN PENNEY, F.S.A., F.R.Hist.S. Devonshire House, 136, Bishopsgate, London, E.C.2 For Table of Contents see page two of cover Our Quotation—6 " I must offer and tender my life and all, for my testimony if it be required of me." 44 1 bless the J^ord that I am hero this day upon this account, to bear testimony to the Truth." "Although I am out of the King's protection, yet I am not out of the protection of Almighty God." MARGARET FELL, Trial at Lancaster Assizes, 1664.
    [Show full text]
  • The Media and Markets: How Systematic Misreporting Inflates Bubbles, Deepens Downturns and Distorts Economic Reality
    The Media and Markets: How Systematic Misreporting Inflates Bubbles, Deepens Downturns and Distorts Economic Reality The Harvard community has made this article openly available. Please share how this access benefits you. Your story matters Citation Theil, Stefan. 2014. "The Media and Markets: How Systematic Misreporting Inflates Bubbles, Deepens Downturns and Distorts Economic Reality." Shorenstein Center on Media, Politics and Public Policy Discussion Paper Series, #D-86 (June 2014). Published Version http://shorensteincenter.org/d86-theil/ Citable link http://nrs.harvard.edu/urn-3:HUL.InstRepos:12872174 Terms of Use This article was downloaded from Harvard University’s DASH repository, and is made available under the terms and conditions applicable to Other Posted Material, as set forth at http:// nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of- use#LAA Shorenstein Center on Media, Politics and Public Policy Discussion Paper Series #D-86, June 2014 The Media and Markets: How Systematic Misreporting Inflates Bubbles, Deepens Downturns and Distorts Economic Reality By Stefan Theil Joan Shorenstein Fellow, Fall 2013 Business Journalist, Former European Economics Editor at Newsweek Licensed under a Creative Commons Attribution-NoDerivs 3.0 Unported License. Beginning in 2010, there was an overwhelming consensus in the American and British media— including the elite business press—that the euro currency zone’s breakup was both inevitable and imminent. Illustrious commentators competed for the most lurid scenarios of Eurogeddon. But guess what? Shortly after Harvard historian Niall Ferguson published a Newsweek cover story boldly titled “The End of the Euro” in May 20101, the currency began an 11-month, 24-percent rally.
    [Show full text]
  • Elizabeth Fry, Amelia Opie Two Lives Janet Whitney : Elizabeth Fry, Quaker Heroine
    Elizabeth Fry, Amelia Opie Two Lives Janet Whitney : Elizabeth Fry, Quaker Heroine. Harrap. 1937, pp. 328, I2S. 6d. Jacobine Menzies-Wilson and Helen Lloyd : Amelia : the Tale of a Plain Friend. Oxford University Press. 1937, PP- xu- + 299> I2S- t is a curious and to some extent a consoling fact, that this year of 1937, which has been dedicated to re-armament I and punctuated by wars, should see the publication of a standard life of Elizabeth Fry. The welcome that the book has met with is evidence, not only of the skill and sym­ pathy of the author, nor even of the most noble qualities of its subject ; but of the longing with which our country, haunted by fear of war, can still contemplate the achieve­ ments of applied Christianity. Janet Whitney has performed the service of breathing life into a great figure, who for nearly one hundred years has survived mainly in blue-books, and has only been recalled to memory for purposes of reference. Two years after her death, the pious task of writing the life of Elizabeth Fry was undertaken by two of her daughters, and the two stout volumes which resulted have shared the fate of the majority of standard works. Apart from the fact that, in common with all her children, they failed to understand their mother or sympathize with her nature, their book was doomed to early oblivion, because, after the accepted manner of Victorian biography it set the claims of propriety above those of veraciousness. Filial piety moreover, was at odds with the virtues of selection, and the volumes overflow with extracts from Elizabeth Fry's Journals, and with hortatory epistles, which can never have possessed any but a sentimental interest.
    [Show full text]